Jaipur’s real estate sector has exhibited remarkable resilience and growth, exemplified by a substantial 19% surge in stamp duty and registration charge collections during the months of April and May.
This surge follows a commendable 12% increase in collections witnessed in the preceding financial year, indicating a sustained upward trajectory for the sector. Stamp duty and registration collections have soared to Rs 9,178.41 crore in the fiscal year 2023-24, compared to Rs 8,189.19 crore in the previous year, showcasing a robust demand for real estate in the region. An official from the General of the Registration and Stamps Department attributed this impressive growth to the implementation of cutting-edge technological solutions and digital tools aimed at enhancing public convenience.
The surge in stamp duty collection not only serves as a barometer of real estate demand but also underscores the buoyancy of the property market in Jaipur. With higher revenue collection indicating a thriving market, stakeholders are optimistic about the sector’s performance in the coming years. However, amidst this growth, concerns have been raised regarding the surcharge of 1.8% imposed on stamp duty, which elevates the total stamp duty to 7.80%. When combined with registration charges, the cumulative figure reaches a significant 8.80%, positioning Jaipur’s stamp duty as one of the highest in the nation. Addressing this issue could further stimulate demand and encourage investment in the real estate sector.
The surge in demand for housing, particularly in the aftermath of the Covid-19 pandemic, has been a driving force behind the uptick in real estate transactions. While end-users constitute the majority of buyers, investors contribute approximately 20%, reflecting a balanced mix of demand from both segments. The impressive growth in stamp duty collections underscores the resilience and potential of Jaipur’s real estate sector. With continued focus on technological innovation and addressing regulatory concerns, the city’s property market is poised for sustained growth and development in the foreseeable future.
